Net Profit of AS Technopolis Ülemiste Increased by Record-breaking 68% in 2017

The net profit of AS Technopolis Ülemiste, developer of the Ülemiste City commercial district, increased by 68% in 2017, amounting to EUR 12 million and the net sales by +5% to EUR 13.6 million, which is the best ever result for the company. The EBITDA increased by 4.3%, reaching EUR 8.9 million. The company’s equity amounted to EUR 68.4 million at the end of the year.

„2017 was the most successful year for the company in its history so far, the main reasons for which are high occupancy rate of rental premises offered by us and effective sales of services,” says Gert Jostov, CEO of Technopolis Ülemiste AS. “Today, the area of rental premises operated by us reaches 72,000m², which makes us the largest owner of office buildings in Tallinn.”

According to Gert Jostov, 2017 was the year of the launch of several large and long prepared projects. “The main emphasis was on the construction of the new 13-storey office building named after Alexandre Liwentaal and the parking house at Lõõtsa Street 11 and 12. The parking house is ready, the opening took place in February. The new office building with over 9,000 m² space will be completed this summer,” says Jostov.

In addition the 900m² building at Sepapaja Street 2 was reconstructed, where Selver opened its supermarket in June 2017. The store serves primarily the 8,000 employees of the district.

In 2017, changes to the detailed plan were completed, which enables the company to construct eight new office buildings with a total of 80,000m² office space and two parking houses with 500 parking spaces on the 4,41hectare area between Suur-Sõjamäe, Lõõtsa, Ääsi and Valukoja streets. The investment decisions haven’t been made yet.

“In the first phase of the detailed plan the company has already begun designing of the new Sepapaja Street 1 office building, the 500-space parking lot and the city square,” says Gert Jostov.

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